3-4期

最新文章

• High-tech R&D subsidies - Estimating the effects of Sematech AI翻译
  作者：Irwin, DA; Klenow, PJ
  摘要：Sparked by concerns about their shrinking market share, 14 leading U.S. semiconductor producers, with the financial assistance of the U.S. government in the form of $100 million in annual subsidies, formed a joint R&D consortium - Sematech - in 1987. Using Compustat data on all U.S. semiconductor firms, we estimate the effects of Sematech on members' R&D spending, profitability, investment, and productivity. In so doing we examine two hypotheses: the 'commitment' hypothesis that Sematech oblig...
• The balance of payments and borrowing constraints: An alternative view of the Mexican crisis AI翻译
  作者：Atkeson, A; RiosRull, JV
  作者单位：National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
  摘要：In this paper we develop a model in which a country faces a balance of payments crisis if constraints on its international borrowing bind. We use the model to describe the dynamics of the trade balance, capital account, and balance of payments of a country that borrows to finance consumption following sweeping macroeconomic and structural reforms and then hits constraints on its international borrowing. We compare the predictions of this theoretical example with events in Mexico from 1987 thro...
• Evaluating debt repurchases - What are the alternatives to investment? AI翻译
  作者：Cabral, CC
  摘要：A general model of debt repurchases is built which reconciles most points raised in the literature on buybacks. The inclusion of assets alternative to domestic investment is shown to be of crucial importance in the analysis and leads to the reversal of some previous results. It is shown that investment necessarily rises following a buyback, independently of the source of the funds used. The condition that determines whether or not buybacks are an attractive solution to the debtor is derived. I...
• Pollution content tariffs, environmental rent shifting, and the control of cross-border pollution AI翻译
  作者：Copeland, BR
  摘要：This paper considers the optimal unilateral policy for a country that imports a good from a neighbouring country and is harmed by pollution generated during the production of that good. If the foreign country has a variable abatement technology, then Home has an incentive to impose a tax on the pollution content of imports (a pollution content tariff). Foreign regulation of pollution does not eliminate Home's incentives to intervene, but instead may create rent-shifting opportunities. By makin...
• Optimal immigration, education and growth in the long run AI翻译
  作者：Shea, KL; Woodfield, AE
  作者单位：University of Canterbury; University of Hong Kong
  摘要：The paper extends Manning's model on education and balanced growth to include labour immigration. Each immigration unit is assumed to consist of one skilled worker and some unskilled members. The optimal immigration policy which maximizes the per capita steady-state consumption of the host country is derived. We show that optimal immigration policy can reduce the steady-state skilled labour ratio. More interesting still, contrary to the widespread belief that immigration of skilled workers hur...
• Collapsing exchange rate regimes: Another linear example AI翻译
  作者：Flood, RP; Garber, PM; Kramer, C
  作者单位：Brown University
  摘要：in the literature on speculative attacks on a fixed exchange rate it is usually assumed that the monetary authority responsible for fixing the rate reacts passively to the monetary disruption caused by the attack. This assumption is grossly at odds with actual experience where the monetary base implications of the attacks are usually sterilized. Such sterilization means that the attack is no longer exclusively a monetary event and requires that the standard attack model be broadened to include...
• International spillovers of knowledge and sectoral productivity growth: Some evidence for Canada and the United States AI翻译
  作者：Brecher, RA; Choudhri, EU; Schembri, LL
  作者单位：Carleton University
  摘要：This paper develops and tests a hua-country model of a monopolistically competitive industry in which the production function shifts endogenously via national and international spillovers of knowledge. The basic version of this model implies that, in the long run, the growth rate of sectoral productivity is the same in each country. In support of this version, for a number of matched Canadian and US manufacturing industries, the paper finds that these two countries' rates of sectoral productiv...
• Commercial policy and dynamic adjustment under monopolistic competition AI翻译
  作者：Keuschnigg, C; Kohler, W
  作者单位：Centre for Economic Policy Research - UK; Johannes Kepler University Linz
  摘要：We explore liberalization of trade in differentiated commodities using a model featuring monopolistic competition and capital accumulation, We identify a mechanism of 'cumulative causation' in investment and an associated externality leading to under-accumulation. We provide long-run analytical results for a stylized core model and offer a quantitative treatment of transitional and sectoral issues using a disaggregate computational model. The aggregate welfare gains from unilateral liberalizat...
• The Mexican peso crisis: Sudden death or death foretold? AI翻译
  作者：Sachs, J; Tornell, A; Velasco, A
  作者单位：National Bureau of Economic Research; Harvard University; New York University
  摘要：We argue that allowing for the possibility of a self-fulfilling panic helps to understand several features of the recent Mexican crisis. Self-fulfilling expectations became decisive in generating a panic only after the government ran down gross reserves and ran up short-term dollar debt. We present a simple model to explain how and why multiple equilibria can occur for some levels of reserves or debt, but not for others. Lastly, we argue that the imperfect credibility of Mexican exchange rate ...